Public Provident Fund is a retirement savings fund that provides an individual with one of the best rates of returns.
This scheme offers an attractive rate of return which makes it provides a safe and secure future for the individuals interesting after retirement.
It is a long-term investment option and also offers tax benefits under the Income Tax laws. You can invest in the PPF Account using various Point sale vendors including the Government Banks in India.
UCO Bank also provides you with the PPF Account facility and you can apply for PPF Account in the bank. In this article, we will discuss How to Open a PPF Account in UCO Bank, Documents Required, interests earned, etc.
Interest Offred by the PPF Account
The following are the interest offered by the PPF Account-
| Period | Interest Rate (p.a.) |
| 1 July 2021- 30 September 2021 | 7.10% |
| 1 April 2021 – July 2021 | 7.10% |
| 1 January 2021 – 31 March 2021 | 7.10% |
| 1 October 2020 – 31 December 2020 | 7.10% |
| 1 July 2020 – 30 September 2020 | 7.10% |
| 1 April 2020 – 30 June 2020 | 7.10% |
| 1 January 2020 – 31 March 2020 | 7.90% |
| 1 October 2019 – 31 December 2019 | 7.90% |
| 1 July 2019 – 30 September 2019 | 7.90% |
| 1 April 2019 – 30 June 2019 | 8.00% |
| 1 January 2019 – 31 March 2019 | 8.00% |
How to Open a PPF Account in UCO Bank?
You can follow these steps to apply for the PPF Account in the UCO Bank-
- Visit the UCO Bank premises and ask the bank representative for the PPF Account opening form
- Now, fill out the form with the correct details like name, address, parent’s details, Nomination details, etc.
- After filling out the application form, attach the documents mentioned below along with the initial deposit amount
- Now, you can submit this to the bank representative
- The bank representative will review your application and forward the form to the relevant authorities
- After that, your request for the PPF Account will be successfully processed and you will receive an SMS confirming that
- After receiving the conformation, you’ll also receive the PRAN account number which you can use to manage your PPF Account
Documents Required for Opening PPF Account in UCO Bank
The following are the documents required for opening the PPF Account in UCO Bank-
- Duly filled and signed account opening form
- Copy of government-approved ID card along with the original for verification like PAN card, Voter ID card, Aadhar card, Driving License or Ration card
- Copy of address proof along with the original for verification like passport, ration card, gas receipt, bank statement, or any utility bill (electricity/water)
- Passport size photographs
FAQ
No, PPF Account is not a market-linked scheme like National Pension Scheme. It is backed by the Government of India and you’ll receive the interest rate according to the Government’s decided rate of interest every quarter.
The minimum lock-in period of the PPF Account is 6 years however, you can withdraw the funds prematurely only after the 8 years of completion of the account from the date of opening meaning you’ll have to wait for 2 years more years after the lock-in period to withdraw the funds.
You can transfer funds into the PPF Account by adding the PRAN number as a beneficiary into your account. You can add the beneficiary in both and then send the money into that account for depositing the funds.
If the account holder dies then the account will immediately lapse and the nominee declared by the account holder will receive the funds in his/her possession.
After the maturity of the PPF account, you have three options i.e.- withdraw the funds, extend without the investment, or Extend with investments.
